Next Generation Partners

Capital markets: debt in Netherlands

Allen & Overy LLP

Allen & Overy LLP‘s debt capital markets practice assists clients with the full range of transactions, which includes equity-linked instruments, standalone bonds, subordinated and hybrid capital as well as warrants and high-yield structures. The firm acts on behalf of both issuers and underwriters, for whom it is increasingly involved in green bonds, such as KPN’s inaugural €700m sustainability-linked notes issue. Jonathan Heeringa leads the practice and has extensive experience in corporate hybrid issues and regulatory capital issues. Associate Sophia Evenhuis counts international capital markets transactions among her areas of focus.

Practice head(s):

Jonathan Heeringa

Other key lawyers:

Sophia Evenhuis

Key clients


JDE Peet’s


Athora Netherlands




Work highlights

  • Advised KPN in connection with a sustainability-linked notes issue under their GMTN programme, which was the first inaugural sustainability-linked notes issue by KPN.
  • Advised ASML Holding N.V. in connection with its inaugural green bond.
  • Advised Aegon in connection with a tender offer in respect of several tranches of subordinated notes issues.

Clifford Chance

Under the leadership of Jurgen Van Der Meer, Clifford Chance‘s debt capital markets team provides ‘unrivalled insight into the Dutch regulatory capital market’, which is aided by the firm’s expansive international network. The practice is often involved in first-of-its-kind transactions, particularly in relation to green bonds, and covers the whole gamut of matters. Van der Meer’s areas of expertise extend to eurobonds and subordinated debt issuances, while counsel Dewi Walian is regularly sought after for her experience in investment grade and regulatory-driven debt offerings. Senior counsel Tineke Kothe focuses on banking and securities law, where she acts for both issuers and underwriters.

Practice head(s):

Jurgen van der Meer

Other key lawyers:

Tineke Kothe; Dewi Walian


‘Unrivalled insight into the Dutch regulatory capital market.’

Key clients

NatWest Markets N.V.


Coöperatieve Rabobank U.A.

LeasePlan Corporation

Stedin Holding N.V.

Basic-Fit N.V.

Credit Suisse

JP Morgan

ING Bank

Morgan Stanley



Telefonica Europe

Work highlights

  • Advised ING, BNP Paribas and Rabobank on Triodos’ inaugural issue of €250 million “Green Capital” Subordinated Tier 2 Notes, listed on Euronext Amsterdam.
  • Advised LeasePlan on the annual update of LeasePlan’s €15 billion Debt Issuance Programme, under which LeasePlan may issue notes which may be senior or subordinated and are listed on Euronext Amsterdam and the Luxembourg Stock Exchange.
  • Advised ABN AMRO Bank N.V. on a dual tranche issuance of $1bn 2.470% green senior non-preferred callable fixed rate reset notes and $1bn 3.324% fixed rate reset subordinated Tier 2 callable notes under its $25bn programme for the issuance of senior preferred/senior non-preferred/subordinated medium term notes.

De Brauw Blackstone Westbroek

With the ‘ability to dive swiftly into a specific financing structure’, De Brauw Blackstone Westbroek remains a go-to firm for a host of high-profile financial institutions and Dutch-listed companies. Regularly acting on both sides of the transaction, the practice’s strengths include convertible bond offerings and regulatory capital instruments. In one notable highlight from 2022, a team led by Bas Boutellier, who was promoted to partner at the beginning of 2023, advised TenneT on its issuance of a €3.8bn green eurobond. Practice head Niek Biegman, who splits his time between London and Amsterdam, excels in advising corporations, financial institutions, and private equity investors on cross-border transactions.

Practice head(s):

Niek Biegman

Other key lawyers:

Ferdinand Hengst; Bas Boutellier


‘Ability to dive swiftly into a specific financing structure; very thorough and precise advice and research; high level of legal documentation.’

Key clients





United Group (BC Partners)

Nomura Bank



Royal Philips

Work highlights

  • Advised Dutch state-owned grid operator TenneT on the issuance of a €3.8bn green Eurobond.
  • Advised Dutch state-owned Gasunie on designing its sustainability-linked bond framework and inaugural SLB issuance.
  • Advised NXP on its $1.5bn dual-tranche bonds issuance.


At Linklaters, the debt capital markets practice has a strong track record acting as issuer’s counsel and advising underwriters on regulatory and debt capital issues. Liability management transactions, hybrid issues and debt programmes are also part of the firm’s advisory offering. Pim Horsten is the key contact, and is highly sought after by both financial institutions and corporate issues for his knowledge of regulatory capital and hybrid issues. Counsel Hugo van der Molen  joined the practice in February 2022 from Baker McKenzie and counts EMTN programmes, green bonds and securitisations amongst his competencies.

Practice head(s):

Pim Horsten

Other key lawyers:

Xu Wang; Hugo van der Molen


‘Pim Horsten and his team offer highly reliable and top-notch services. With the hire of Hugo van der Molen the team has further increased its capabilities and capacity.’

‘Pim Horsten’s experience gained over many, many, years really stands out in the Dutch market. He has been involved in all developments witnessed, ranging from all kind of regulatory capital instruments to corporate hybrids.’

Key clients


Deutsche Bank





Natwest Markets

JP Morgan

Work highlights

  • Advised Triodos Bank on its inaugural issue of  €250m fixed rate reset green subordinated Tier 2 Notes due 2032.
  • Advised the dealers and the joint lead managers on the establishment by JDE Peet’s of its  €5bn EMTN programme and inaugural triple tranche issuance thereunder, guaranteed by Dutch and US-based subsidiaries.
  • Advised the dealers and the joint lead managers on the establishment by Universal Music Group of its unlimited Euro Medium Term Note (EMTN) programme and inaugural €1bn dual tranche issuance thereunder.

Simmons & Simmons

The ‘hands-on, deal-driven and focused‘ team at Simmons & Simmons has expertise in Dutch, UK and US capital markets law and is a first port of call for many clients in relation to ESG debt issuance work. Practice head Peter Voorhees specialises in multi-jurisdictional debt transactions under the US Securities Act and led on a matter advising ING Bank on its €25bn global issuance programme. Shari Taylor Molloy, who was promoted to counsel in May 2022, is regularly involved in medium-term note programmes and bond issues, among other matters.

Practice head(s):

Peter Voorhees

Other key lawyers:

Shari Taylor Molloy


‘Great team with sound knowledge.’

‘The team is hands-on, deal driven and focused on getting the deal done. It is a pleasure working with a team that keeps pace with (and may even be ahead of) other disciplines on a deal.’

‘Great partners and associates who have clear advice in writing and great ability to advise on the spot.’

Key clients

ING Bank


BNG Bank


The Dutch State

NWB Bank

Van Lanschot Kempen

NatWest Markets



Work highlights

  • Acted for BNG Bank N.V. as issuer in connection with the update of its €100bn debt issuance programme and multiple issuances thereunder.
  • Acted for ING Bank N.V. on its €25bn global issuance programme, ING’s leading debt issuance platform.
  • Advised FMO on the update of its €7bn debt issuance programme and its $500m fixed rate Notes due 15 June 2026 issuance thereunder.


The all-female team at NautaDutilh advises on matters including sustainability-linked debt capital market offerings as well as investment grade and regulatory-driven debt offerings, where it often assists global corporates and Dutch banks. A trio of partners head up the practice: Petra Zijp and Antonia Netiv advise on both equity and debt capital markets from the firm’s Amsterdam office, while New York-based Elizabeth van Schilfgaarde covers the Dutch aspects of cross-border transactions originating out of the US. Senior associate Sabrina Legerstree is noted for her know-how in EMTN programmes and high-yield bond offerings.

Practice head(s):

Petra Zijp; Antonia Netiv; Elizabeth van Schilfgaarde

Other key lawyers:

Sabrina Legerstree


‘Quality people.’

‘Antonia Netiv and Sabrina Legerstee are standout in terms of commercial input and service.’

Key clients

Nederlandse Waterschapsbank N.V.



de Volksbank




Prosus N.V.

Mercedes-Benz International Finance B.V.






Arcos Dorados




Work highlights

  • Advised Arcos Dorados Holding Inc. on their $350m sustainability linked bonds.
  • Advised PPF Group/CETIN Group on their €2bn EMTN Programme.
  • Advised Prosus on their $3.25bn and €1.75m bond issues.

Hogan Lovells International LLP

Hogan Lovells International LLP is often instructed in complex cross-border transactions, where the firm draws on its combined capital markets and structured finance and asset finance practice. ‘Creative’ and ‘excellent lawyer’ Robert Masman jointly leads the team with Wouter Jongen, who is dual-qualified in English and Dutch law and specialises in acquisition and real estate financings.

Practice head(s):

Robert Masman; Wouter Jongen


‘Hogan Lovells is a very well-known law firm with a great reputation for (securitisation) transactions.’

‘Robert Masman is an excellent lawyer, a very good listener, creative and also a very friendly person. As a professional, he is analytical, pragmatic and very knowledgeable.’

Key clients

ING Bank





Volkswagen Pon Financial Services B.V.

BNP Paribas

Work highlights

  • Advising Apollo Management International LLP as drafting counsel in setting up a  €364.9m public RMBS Transaction for Athora Lux Invest.
  • Advising ING Bank N.V. as issuer drafting counsel in relation to the update of ING’s €45bn retained covered Bond programme 2 and  €30bn hard & soft bullet covered Bond programme.
  • Advising ABN AMRO Bank N.V. as issuer drafting counsel in relation to the update of ABN AMRO’s €40bn covered bond programme and ABN AMRO’s €40bn covered Bond programme 2.

Loyens & Loeff

Loyens & Loeff offers comprehensive advice on debt capital markets that include standalone issuances, restructuring and the establishment of debt issuance programmes. Martijn Schoonewille, who is regularly sought after by financial institutions and corporate clients for his expertise in private and public debt offerings, leads the practice together with Michel Van Agt, whose work spans both debt and equity capital markets.

Practice head(s):

Martijn Schoonewille; Michel van Agt

Key clients




Owens Illinois (OI European Group B.V.)


Alcon/Alcon Finance BV




Work highlights

  • Advised Mondelez International Holdings Netherlands B.V. as legal counsel on the issuance of €2bn green bonds and its €300m exchangeable.
  • Advised OI European Group B.V. as Dutch counsel on the private offering of $400m of senior Notes.
  • Advised Givaudan Finance Europe B.V. on setting up a Euro-Commercial Paper Programme.


Stibbe‘s debt capital markets practice spans the whole gamut of related matters, including securitisations, credit-linked notes and all types of debt instruments. Amsterdam-based duo Maarten de Bruin and Marieke Driessen, who have extensive experience in the DCM space, lead the practice together with London-based Rein van Helden. Associate Niek Groenendijk regularly advises clients including corporations and investment funds on debt financing transactions and regulatory matters.

Other key lawyers:

Niek Gronendijk

Work highlights

  • Advised NIBC Bank on its €20bn debt issuance programme, including regulatory capital instruments and its €750m green Bond issue.
  • Advised on a notes restructuring for DTEK, which included two inter-conditional schemes of arrangement under Part 26 of the UK Companies Act 2006 to implement the restructuring of substantially all of the DTEK group’s indebtedness.
  • Advised on a €1.4m notes offering and tap issue of €90m for leading parking infrastructure owner Q-Park.